Salmon Evolution (SALME) Q3 2026 TU earnings summary

Executive summary

• Q3 net biomass growth was 1,984 tonnes LW; operations were stable with minimal mortality, while an underperforming Phase 1 group affected ~25% of available tank capacity and was fully harvested by quarter-end.

• Phase 2 growth was on plan; priorities were improving Phase 1 growth and executing the Phase 2 ramp-up.

Financial highlights

• Q3 harvest was 1,597 tonnes HOG, up 15% YoY; all-in price realization was ~NOK 65/kg, up ~7% YoY, with a 94% superior share.

Outlook and guidance

• Phase 1 Q4-26 harvest weights are expected in the mid-to-high end of the 3–4 kg HOG range.

• Monthly Phase 2 smolt stocking from Q4-26 is intended to support a 7,900-tonne HOG run-rate after a 12-month ramp-up; the combined Phase 1 and 2 target is 14,600 tonnes HOG by mid-2027.